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How decentralized finance works?

Answers (1)

Arsalan Afzal
Feb 15, 2022 12:34:08

Decentralized finance, or DeFi for short, is an umbrella term that refers to a wide range of financial applications that are built on top of blockchain technology. DeFi applications allow users to borrow, lend, and trade digital assets in a decentralized manner. This innovative approach to finance has the potential to radically change the way we think about money and investment. One of the key advantages of DeFi is that it allows users to operate without the need for a third party such as a bank. This not only saves time and money but also reduces the risk of fraud or theft. In addition, because DeFi is built on top of blockchain technology, it is inherently secure and transparent.

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